Aleafia, Serruya Family Extend Exclusivity Period for Retail and Brand Joint-Venture
Major Adult-Use Retail, Brand JV Backed by Family Behind Iconic Yogen Früz, Second Cup Brands
TORONTO, October 26, 2018 /Globe Newswire/ – Aleafia Health Inc. (TSXV: ALEF; OTCQX: ALEAF, FRA: ARAH) (“Aleafia“) or (the “Company“), a highly differentiated cannabis company with major cannabis cultivation, medical clinic and R&D operations has extended the exclusivity period for the proposed adult-use retail and brands joint-venture (“JV”) with the Serruya Family (the “Serruya Family”), by a further two weeks.
The JV marks the first phase of a multi-phase strategy that will see Aleafia enter the adult-use cannabis industry and related retail operations in Canada and globally. This will create the foundation for the adult-use business pillar, joining Aleafia’s existing business pillars – cannabis cultivation, medical clinics and R&D.
“This joint venture positions Aleafia to capture significant national market share in the adult-use cannabis market in Canada. The Serruya family are excellent retail entrepreneurs with a proven track record in quickly scaling their businesses to global proportions,” said Aleafia CEO Geoffrey Benic. “Aleafia is pleased to continue discussions aimed at providing a significant net benefit to both parties and subsequently providing long-term value to our shareholders.”
- Backed and supported by Aaron Serruya, president of International Franchise Inc. which has over 4500 quick service restaurant locations in over 50 countries
- Licensing agreements with established international cannabis brands upon store launch
- Turn-key operation with ready-made store design and retail systems in place
- Intellectual property including genetics and packaging
- Vertical integration, with Aleafia cultivation facilities producing cannabis for processing, extraction, packaging and eventual listing in retail locations
Aleafia Operational Update:
- 160,000 sq. ft. Niagara greenhouse retrofitting on schedule and expected to be complete in late 2018
- Fully funded annual growing capacity of 98,000 kg of cannabis flower in 2019
- Signed supply agreement for CannTrust Holdings Inc. to purchase up to 15,000 kg of cannabis from Aleafia in 2019
- Reached milestone of 50,000 medical patients under the Canabo Medical Clinic network
- Local approval for a 30 acre, 60,000 kg secure outdoor grow expansion at our Port Perry cultivation facility
- Secured first medical cannabis sale in company’s history, only days after securing Sales Licence from Health Canada
- Added to Horizons Marijuana Life Sciences ETF, the largest cannabis ETF in the world
- Submitted application to list common shares on the NASDAQ stock exchange
For Investor & Media Relations, please contact:
Nicholas Bergamini, VP Public Affairs
About Aleafia Health Inc.:
Aleafia is a vertically integrated, national cannabis company with major medical clinic, cannabis cultivation and R&D operations. The company is a federally licensed producer and vendor of cannabis and will reach an annual production capacity of 98,000 kg of dried cannabis in 2019.
Aleafia operates 22 medical cannabis clinics staffed by physicians and nurse practitioners, with over 50,000 patients. The company is highly differentiated, maintaining the largest medical cannabis dataset in the world, with significant intellectual property holdings and current R&D operations.
Neither Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING INFORMATION
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release includes information relating to the implementation of Aleafia Health’s business plan. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with the implementation of Aleafia Health’s business plan and matters relating thereto, risks associated with the cannabis industry, competition, regulatory change, the need for additional financing, reliance on key personnel, the potential for conflicts of interest among certain officers or directors, and the volatility of the Company’s common share price and volume. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.